Not To Late For Tax Help
Filed your taxes? Take all your deductions? Want a second look? Not To Late For Tax Help
Have you filed you taxes for 2011? If not, I can help you. It is not too late. You have until August 15th to file. I am
offering a 25% discount off tax preparation. This includes electronic filing as well as tax preparation.
If you filed, did you take all the deductions available to you? Here are just a few that you may qualify for:
Child and Dependent Care Credit, Credit for the Elderly or the Permanently and Totally Disabled, Credits for Higher
Education Tuition, Credit for Elective Deferrals and IRA Contrbuitions (Retirement Savings Contributions Credit), Child Tax
Credit, Mortgage Interest Credit, Adoption Credit, Credit Against Regular Tax for Prior Year Minimum Tax Liability, Foreign
Tax Credit, Child and Dependent Care Credit, Retirement Savings Credit, Alternative Motor Vehicle Credit, Alternative
Refueling Property Credit, Earned Income Credit, Credit for Government Retires, Credit for Federal Tax on Gasoline, Special
Fuels, Credit for Capital Gains Tax, Residential Energy Efficient Property Credit,New Plug-In Electric Drave Motor Vehicle
Credit, and Investment Tax Credit. If you have a business, there are be additional allowable credits.
I am an Enrolled Agent and well qualified to review you taxes or help you with unfiled taxes. A second look never hurts for
piece of mind. I am also qualified to represent you before IRS if you receive any notices or letters. You may contact me at
801-544-8995.
Filed Your Taxes Yet??
Filed your taxes yet?? I’ve been preparing taxes professionally for 40 years! If you haven’t filed your taxes yet, I am offering a 25% discount on preparation and e-filing of your taxes. I am able to take your information over the internet, mail or in person.
Also, it you have back taxes that need to be filed, I would like to help you get current with the IRS.
Call me at 801-544-8995
Read MoreDo you know what tax records need to be Managed?
I recommend that you adequately maintain and protect you tax records after you file your taxes. You will need the information in case IRS requires documentation and/or substantiation.
It is wise to keep your records for at least three years. However, if you have any questionable deductions, I would recommend you keep the records for seven years.
Any records pertaining to your home, rentals, or other long term assets such as investment transaction, should be kept until the item is disposed of. Then keep the records for the three years after you report the sales on your tax return.
You records do not have to be in any order. However, I would recommend file folders or envelopes labeled to aid you in finding information you may need that pertains to your tax return.
Important records include all income receipts, invoices, bill, credit card and mileage logs, canceled checks, and proofs of payment. Other records are needed to support other deductions or credits taken on your tax return.
IRS Publication 552, Recordkeeping for Individuals, is available at irs.gov if you need further information.
Read MoreCapital Gains and Dividends
Capital Gains and Dividends
Lower rates for long-term capital gains and dividends remain in effect for 2011 and 2012. The rate on long-term capital gains and dividends remains at zero for those taxpayers in the 15% income tax bracket and below; the rate is 15% for taxpayers in the 25% bracket and above. Most taxpayers will use new Form 8949 to report capital gain and loss transactions. Schedule D, the form that has been traditionally filed to show these transactions, i snow used as a summary sheet.
Alternative Motor Vehicle Credit
Alternative Motor Vehicle Credit
The alternative motor vehicle credit cannot be claimed for a vehicle bought after 2010, unless it is a new fuel cell motor vehicle.
Alternative Minimum Tax
Alternative Minimum Tax
The alternative minimum tax (ATM) exemption amount increased for 2011 tax period. The increase were for
Category Old limitation New Limitation
Single and head of household taxpayers $47,450 $48,450
Married filing separately 36,225 37,225
Married filing jointly, and qualifying widows or widowers 72,450 74,450
Income Tax Rates
Income Tax Rates
The 2011 rates carry over from 2010, but the income brackets are higher to account for inflation. The 2011 tax rate schedule can be found on page 273 of IRS Publication 17 (Your Federal Income Tax: Tax Guide 2011 For Individuals
Personal Exemptions
Personal Exemptions
The amount one can deduct for each exemption has increased from $3,650 to $3,700.
Standard Deduction Increased
Standard Deduction Increased
The standard deduction for certain taxpayers who do not itemize their deductions on schedule A of Form 1040 has been increased. The amount of the deduction depends on the taxpayer’s filing status. The standard deduction for most people is $5,800 for single or married filing separately, $11,600 for married filing jointly or for qualifying widow or widower with a dependent child and $8,500 for head of household.
Self-Employed Health Insurance Deduction
Self-Employed Health Insurance Deduction
Qualified self-employed taxpayers and S corporation shareholders can use the self-employed health insurance deduction to reduce income tax liability. The taxpayer must not be eligible to participate in an employer-sponsored health plan, and the insurance plan must be set up under the taxpayer’s business. Premiums paid for health insurance for the taxpayer, spouse and dependents typically qualify for the deduction. The deduction is taken on Form 1040, Line 29. The deduction from self-employment tax, available for tax year 2010 no longer applies.
